SPYI vs. ARDC
SPYI (NEOS S&P 500 High Income ETF) is Derivative Income fund actively managed by Neos, while ARDC (Ares Dynamic Credit Allocation Fund, Inc.) is a stock. Over the past 3 years, SPYI returned 15.48%/yr vs 12.24%/yr for ARDC. At a 0.39 correlation, their price movements are largely independent.
Performance
SPYI vs. ARDC - Performance Comparison
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Returns By Period
In the year-to-date period, SPYI achieves a 6.31% return, which is significantly higher than ARDC's -1.07% return.
SPYI
- 1D
- 0.53%
- 1M
- -0.01%
- YTD
- 6.31%
- 6M
- 6.98%
- 1Y
- 19.90%
- 3Y*
- 15.48%
- 5Y*
- —
- 10Y*
- —
ARDC
- 1D
- 0.24%
- 1M
- -1.38%
- YTD
- -1.07%
- 6M
- -0.45%
- 1Y
- -2.63%
- 3Y*
- 12.24%
- 5Y*
- 4.85%
- 10Y*
- 8.32%
SPYI vs. ARDC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SPYI NEOS S&P 500 High Income ETF | 6.31% | 16.67% | 19.03% | 18.09% | -3.96% |
ARDC Ares Dynamic Credit Allocation Fund, Inc. | -1.07% | -3.10% | 21.05% | 32.35% | -8.73% |
Correlation
The correlation between SPYI and ARDC is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022 | 0.39 |
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Return for Risk
SPYI vs. ARDC — Risk / Return Rank
SPYI
ARDC
SPYI vs. ARDC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for NEOS S&P 500 High Income ETF (SPYI) and Ares Dynamic Credit Allocation Fund, Inc. (ARDC). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| SPYI | ARDC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.26 | ||
| Sortino ratioReturn per unit of downside risk | +3.01 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 0.96 | +0.43 |
| Calmar ratioReturn relative to maximum drawdown | 2.59 | -0.17 | +2.76 |
| Martin ratioReturn relative to average drawdown | 13.05 | -0.35 | +13.40 |
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Drawdowns
SPYI vs. ARDC - Drawdown Comparison
The maximum SPYI drawdown since its inception was -16.47%, smaller than the maximum ARDC drawdown of -45.40%. Use the drawdown chart below to compare losses from any high point for SPYI and ARDC.
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Drawdown Indicators
| SPYI | ARDC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.47% | -45.40% | +28.93% |
Max Drawdown (1Y)Largest decline over 1 year | -7.72% | -15.57% | +7.85% |
Max Drawdown (3Y)Largest decline over 3 years | -16.47% | -19.78% | +3.31% |
Max Drawdown (5Y)Largest decline over 5 years | — | -26.48% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -45.40% | — |
Current DrawdownCurrent decline from peak | -1.79% | -8.60% | +6.81% |
Average DrawdownAverage peak-to-trough decline | -1.81% | -6.64% | +4.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.53% | 7.51% | -5.98% |
Volatility
SPYI vs. ARDC - Volatility Comparison
NEOS S&P 500 High Income ETF (SPYI) has a higher volatility of 3.62% compared to Ares Dynamic Credit Allocation Fund, Inc. (ARDC) at 2.42%. This indicates that SPYI's price experiences larger fluctuations and is considered to be riskier than ARDC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPYI | ARDC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.62% | 2.42% | +1.20% |
Volatility (6M)Calculated over the trailing 6-month period | 8.07% | 7.13% | +0.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.10% | 9.47% | +0.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.99% | 13.78% | -0.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.99% | 16.86% | -3.87% |
SPYI vs. ARDC - Expense Ratio Comparison
SPYI has a 0.68% expense ratio, which is higher than ARDC's 0.00% expense ratio.
Dividends
SPYI vs. ARDC - Dividend Comparison
SPYI's dividend yield for the trailing twelve months is around 11.80%, more than ARDC's 10.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ARDC Ares Dynamic Credit Allocation Fund, Inc. | 10.72% | 10.19% | 9.33% | 9.85% | 10.31% | 7.16% | 8.40% | 8.40% | 9.35% | 7.58% | 8.45% | 10.51% |
SPYI NEOS S&P 500 High Income ETF | 11.80% | 11.70% | 12.04% | 12.01% | 4.10% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SPYI and ARDC have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPYI has higher volatility (3.62%) compared to ARDC (2.42%). In terms of maximum drawdown, SPYI dropped -16.47% vs ARDC's -45.40%.
SPYI currently has the higher Sharpe Ratio (1.98 vs -0.28), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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